Common use of DAY ENTRIES Clause in Contracts

DAY ENTRIES. A Credit or Debit Entry with an Effective Entry Date of the date of or a date prior to the date of the transmission of the Entry or File to Financial Institution and received by Financial Institution prior to the applicable cut-off time set forth in Schedule B shall be considered a Same Day Entry. Prior to March 20, 2020, the Rules imposed a per-transaction Entry limit of $25,000. Effective March 20, 2020, the per-transaction Entry limit increased to $100,000. Effective March 18, 2022, the per-transaction Entry limit was further increased to $1,000,000. Entries above the amount allowed in the Rules are not eligible for Same Day ACH processing. In addition to any other fees that Member Client is obligated to pay Financial Institution, Member Client hereby agrees to pay Financial Institution the Same Day Entry fee established by Financial Institution from time to time for Same Day Entries transmitted to Financial Institution by Member Client. Signature Page Follows